FBR & Co.: BULLISH

Rating: OUTPERFORM

Price Target: $175

Comment: "Heading into last night's FY4Q15 (September) results, Apple investors were bracing for the worst and hoping for the best, and they ultimately received a B+ quarter/ guide that was better than feared, in our opinion. With September results only including two days of the iPhone 6s launch, all eyes were focused on the company's December guidance, which came in generally in line with the Street's outlook and defied bear calls for a softer outlook on chatter of mixed demand seen over the last month."

Goldman Sachs: BULLISH

Rating: BUY

Price Target: $163

Comment: "A strong quarter, with revenues of $51.5bn vs. GS/Street at $51.1/$50.9bn and EPS of $1.96 well above GS/Street at $1.84/$1.87, aided by higher gross margins (39.9% vs. GS/Street at 38.5%/39.3%). Segment shipments were relatively inline, with iPhone shipments of 48.05mn vs. GSe/Street at 46.7mn/48.13mn. F1Q (Dec) guidance was also inline, with revenues expected at $75.5­77.5bn vs. GS/Street at $80.4/$76.3bn, and gross margins of 39­40% vs. GS/Street at 39.1%/39.8%. Given low expectations heading into the print, we think these results will offer some relief around the strength of the iPhone 6s product cycle."

Baird: BULLISH

Rating: OUTPERFORM

Price Target: $155

Comment: "Remain buyers. Yesterday after the close, Apple reported solid FQ4 results, with Q1 guidance roughly in line with prior consensus. Consistent with our prior forecasts, management expects iPhone units to grow YOY in FQ1, which should allay some concerns on that front. Additionally, growth in China, another investor concern, remains robust. We remain positive on the near- and long-term opportunity for Apple and reiterate our Outperform rating and $155 target price."

Barclays: BULLISH

Rating: OVERWEIGHT

Price Target: $155

Comment: "We are increasing our price target to $155 from $150. In our view, the Dec-Q guidance is not kicking the can to the Mar-Q in terms of a potential cut-over to double-digit Y/Y unit declines. In contrast, the hand-off is strong, as iPhone ASPs are sturdy and converts to iPhone appear to be accelerating. Add in the potential lifts from the new upgrade programs and increasing services attach rates potentially driving higher iPhone capacities, and we think there is diminishing risk of a growth problem for iPhone in the near-to-mid term."

Stifel: BULLISH

Rating: BUY

Price Target: $150

Comment: "While concern over slowing / negative iPhone growth is likely to remain a topic of much debate (e.g., focus on inventory replenishment vs. sell-thru now in focus for F1Q16), we believe Apple's results and outlook should be viewed positively — especially w/Apple shares trading at ~8.3x ex-cash on our F2017 EPS estimate."

Credit Suisse: BULLISH

Rating: OUTPERFORM

Price Target: $140 (down from $145)

Comment: "We maintain our Outperform rating, and slightly adjust our above consensus CY16 EPS estimates to $10.40. Given significant concerns around the sustainability of Apple's growth, we believe the results were reassuring. With high retention rates, a superior ecosystem, and multi-product compute advantage, we believe such elevated level of earnings and FCF of around $60bn per annum should be sustainable long term."

Macquarie Research: BULLISH

Rating: OUTPERFORM

Price Target: $133

Comment: "The bottom line is that Apple continues to grow its overall ecosystem, and thus, its long-term potential. While we would like to see more non-game apps and improved functionality from iWatch and Apple TV, we think that market share gains for mobile, Macs, and emerging areas offer compelling opportunities. Over the long term, AAPL is well positioned to leverage its ecosystem to enter potentially game-changing categories such as auto, VR, and others. We are reiterating our Outperform rating and $133 price target."

Wells Fargo: BULLISH

Rating: OUTPERFORM

Price Target: $125 to $135

Comment: "We are maintaining our Outperform rating on AAPL. While the adding back of $5-$10 per iOS device, which it had previously deferred over two years (it still defers some revenue on a per device basis but now $5-$10 less), helps gross margin in the December quarter by 30bps (or, put another way, core gross margins would be 30bps lower without this accounting change), we believe investors will eventually look past this and, more importantly, believe Apple will use this incremental margin to take strategic actions to drive, in particular, iPhone 5S units."

Raymond James: BULLISH

Rating: MARKET PERFORM

Price Target: N/A

Comment: "Apple did, in fact, beat estimates on both the top and bottom line. Revenue showed a strong 22% y/y growth rate even with a serious FX headwind. 30% of iPhone buyers, who were not new to smartphones, were switchers from Android, the highest percent the company has ever recorded."

William Blair: BULLISH

Rating: OUTPERFORM

Price Target: N/A

Comment: "While Apple's September-quarter results did not blow out Street expectations, they were nevertheless solid, with moderate upside to our and consensus estimates, and were good enough to remain bullish on the story. From our perspective, there were multiple positives from the quarter. These included continued strength of iPhones in China (roughly 25.1% of sales and Chinese iPhone sales grew 87% versus Chinese mobile industry growth of 4%), with the iPhone 6 and iPhone 6 Plus taking the first and third top-selling smartphone rankings; continued share gains with Android users (highest rate of purchases from former Android users on record); and iPhone ASP and GM trending positively (up $10 and 190 basis points quarter-over-quarter, respectively)."

Deutsche Bank: NEUTRAL

Rating: HOLD

Price Target: $125

Comment: "AAPL's F4Q-15 results had some positives for the bulls and negatives for the bears, but not enough either way to change our view. iPhone numbers were a bit of a disappointment, but guidance implies unit growth in F1Q-16. Gross margins were a bright spot, but reflect accounting changes and GM will be under more pressure as we move through FY-16 as hedges roll off. We continue to believe that current valuations are fair and reflect the uncertainty around AAPL's ability to grow next year. We expect shares to be range bound over the next few quarters given limited catalysts; Maintain Hold."